CBOE$CBOE
Cboe Global Markets Inc. · Q4 2021 earnings
Q4 2021 earnings · · Investor relations
Briefing
Cboe reported strong Q4 2021 results, marked by a 27% increase in net revenue and a 41% rise in adjusted diluted EPS.
Cboe Global Markets reported a remarkable year in 2021, with significant progress in strategic initiatives and record full-year results. The company's Q4 performance showed a 27% increase in net revenue to $391 million and a 41% increase in adjusted diluted EPS to $1.70. Cboe is focused on transformational opportunities in Data and Access Solutions, Derivatives, and Cboe Digital as it enters 2022.
- Diluted EPS for the Quarter was $1.54, up 91 percent.
- Adjusted Diluted EPS for the Quarter was $1.70, up 41 percent.
- Net Revenue for the Quarter was $391 million, up 27 percent.
- Cboe expects to deliver 5 to 7 percentage points of organic total net revenue growth in 2022.
Headline financials
Revenue & EPS history
Cboe · Revenue · Quarterly
$391M
Revenue by segment
Cboe · $391M total across 5 segments · Q4 2021
- Options$203M+24.6%51.9%
- North American Equities$91.6M+24.5%23.5%
- Europe and APAC$51.7M—13.2%
- Futures$29.9M+39.1%7.7%
- Global FX$14.8M+5.7%3.8%
Forward guidance
Cboe provided guidance for the 2022 fiscal year, expecting total organic net revenue growth in the range of 5 to 7 percentage points. Adjusted operating expenses are expected to be in the range of $617 to $625 million.
Tailwinds
- Total organic net revenue growth is expected to be in the range of 5 to 7 percentage points in 2022.
- Revenue from acquisitions held less than a year is expected to contribute total net revenue growth in a range of 1 to 3 percentage points in 2022.
- Organic net revenue from Data and Access Solutions is expected to increase by approximately 7 to 10 percent in 2022, from a base of $419 million in 2021.
- Depreciation and amortization expense for 2022, which is included in adjusted operating expenses above, is expected to be in the range of $40 to $44 million, excluding the expected amortization of acquired intangible assets.
- Capital expenditures for 2022 are expected to be in the range of $47 to $52 million.
Headwinds
- Adjusted operating expenses in 2022 are expected to be in the range of $617 to $625 million, from a base of $531 million in 2021.
- The 2022 guidance considers incremental investment spend in technology and headcount to support Cboe’s numerous growth initiatives, deals closed during 2021 but not fully reflected in the 2021 cost base, and increases in core expenses.
- The guidance excludes the expected amortization of acquired intangible assets of $116 million; the company plans to reflect the exclusion of this amount in its non-GAAP reconciliation.
- While not included in our formal 2022 expense guidance range of $617 to $625 million, we believe the pending acquisitions of ErisX and NEO have the potential to add an incremental $36 to $42 million of expenses in 2022, contingent on the timing of closings which are subject to regulatory reviews and other customary closing conditions.
- The effective tax rate on adjusted earnings for the full year 2022 is expected to be in the range of 27.5 to 29.5 percent.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2021
+0.5%
Avg return
Earnings day
+1.7%
Avg return
5 days after
+4.0%
Avg return
30 days after
55%
35 / 64 earnings
Positive
+9.0%
Q1 2026
Best reaction
-7.3%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +9.0% | +15.3% | +10.5% | |
| Q3 2025 | +3.7% | +6.2% | +9.0% | |
| Q2 2025 | +2.8% | +2.9% | -2.1% | |
| Q1 2025 | +2.4% | +5.9% | +3.6% | |
| Q4 2025 | +1.3% | +2.4% | +2.9% | |
| Q3 2024 | -1.9% | -5.7% | +1.1% | |
| Q4 2024 | +1.3% | -5.7% | +1.1% | |
| Q2 2024 | +5.7% | +8.9% | +10.6% | |
| Q4 2023 | -1.6% | -0.1% | +1.2% | |
| Q3 2023 | +6.9% | +6.9% | +10.7% | |
| Q2 2023 | +4.5% | +4.4% | +7.4% | |
| Q1 2023 | -0.4% | +1.0% | -1.4% | |
| Q4 2022 | +4.5% | +5.0% | +4.6% | |
| Q3 2022 | +1.9% | -1.3% | +2.7% | |
| Q2 2022 | -7.3% | -6.2% | -4.2% | |
| Q1 2022 | -2.9% | -0.5% | -3.0% | |
| Q4 2021 | +2.8% | +4.0% | +3.3% | |
| Q3 2021 | +1.9% | +2.7% | -1.7% | |
| Q2 2021 | +4.1% | +6.4% | +8.2% | |
| Q1 2021 | +3.3% | +6.1% | +7.7% | |
| Q4 2020 | -3.3% | -5.1% | +10.0% | |
| Q3 2020 | +5.2% | +9.8% | +15.8% | |
| Q2 2020 | -0.6% | -0.3% | +5.6% | |
| Q1 2020 | -5.0% | -1.9% | +7.1% | |
| Q4 2019 | -3.3% | -3.4% | -8.7% | |
| Q3 2019 | -1.4% | -0.6% | +3.3% | |
| Q2 2019 | -0.3% | +2.6% | +3.6% | |
| Q1 2019 | +3.2% | +2.7% | +8.6% | |
| Q4 2018 | -0.9% | +0.0% | -2.8% | |
| Q3 2018 | +1.5% | +0.7% | -2.6% | |
| Q2 2018 | -3.0% | -3.2% | +5.2% | |
| Q1 2018 | -2.2% | -1.5% | -6.7% | |
| Q4 2017 | -0.4% | +3.5% | +12.0% | |
| Q3 2017 | -0.9% | +0.0% | +8.5% | |
| Q2 2017 | -0.4% | +1.9% | +6.3% | |
| Q1 2017 | +3.1% | +2.2% | +8.2% | |
| Q4 2016 | +1.3% | -0.6% | +0.3% | |
| Q3 2016 | +1.7% | +1.2% | +10.1% | |
| Q2 2016 | +0.1% | +0.7% | +0.8% | |
| Q1 2016 | -1.5% | — | — | |
| Q4 2015 | -6.1% | — | — | |
| Q3 2015 | -1.2% | — | — | |
| Q2 2015 | +1.1% | — | — | |
| Q1 2015 | -1.3% | — | — | |
| Q4 2014 | -5.8% | — | — | |
| Q3 2014 | +3.6% | — | — | |
| Q2 2014 | +1.5% | — | — | |
| Q1 2014 | -4.2% | — | — | |
| Q4 2013 | +5.2% | — | — | |
| Q3 2013 | +2.6% | — | — | |
| Q2 2013 | -4.1% | — | — | |
| Q1 2013 | +3.8% | — | — | |
| Q4 2012 | +1.4% | — | — | |
| Q3 2012 | +2.5% | — | — | |
| Q2 2012 | -0.7% | — | — | |
| Q1 2011 | +0.3% | — | — | |
| Q1 2012 | +2.3% | — | — | |
| Q4 2011 | -0.8% | — | — | |
| Q4 2009 | -0.8% | — | — | |
| Q3 2011 | -4.3% | — | — | |
| Q3 2010 | -4.3% | — | — | |
| Q2 2010 | +2.8% | — | — | |
| Q2 2011 | +2.8% | — | — | |
| Q4 2010 | +2.8% | — | — |
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